AQABA SPECIAL ECONOMIC ZONE

AQABA

Despite the fact that Jordan is a country small in size, it is indeed leading a big role in claiming its own place on the regional map of economic development. Creating a series of Development zones within Jordan was a tangible step towards fortifying the tangible results of that goal. Spreading across strategic key locations in the kingdom, these properly equipped zones now serve a multitude of investors, businesses, and industries, from infrastructure to support services alongside a myriad of incentives with special sets of laws, and regulations pertaining to each zone.

Before its turning into a special economic zone, Aqaba has always been a destination city within the Hashemite Kingdom of Jordan, where residents from all walks of life and classes visit in winter and summer alike due to its year-round sunny weather. Aqaba which is a significant tourist destination in Southern Jordan, and is part of The Golden Triangle, a trio of world-wide unique destinations. Time-defying Petra (a UNESCO World Heritage Site and one of the New Seven Wonders of the World) is one component of this trio, in addition to Rum Desert, a Mars-like stretch of sand and rocks that Hollywood has called home to bring to life a number of blockbusters, not to mention Aqaba itself, a haven for out-of-this-world coral formations that attract divers from all corners of the world.

Aqaba Special Economic Zone Authority (ASEZA) -established in 2001 to embody and emphasize His Majesty King Abdullah II’s vision for Aqaba. A modest port town back then, Aqaba’s potential was massive. The Royal Vision carries a commitment to transforming Aqaba into a world-class business hub and leisure destination, while putting the welfare of the community and preserving the city’s environmental and cultural heritage at heart. It might be one of the most recognizable zones in Jordan due to its strategic seafront location in the South overlooking the Red Sea. Nestled between the borders of Palestine, Saudi Arabia, and Egypt, on the north tip of the red sea, this strategic vantage point plays a role in expanding businesses on regional- and international-market levels.

As an investor in Aqaba, you will witness first-hand how truly investment-oriented the legislative framework is. Investments in Aqaba enjoy a friendly legislative framework with incentives that offers a fixable contractual framework, an efficient decision-making process, and a single point of contact for investment needs. Aqaba Development Corporation (ADC) —the central development arm of ASEZA— managed to maximize the attraction of private sector developers and operators through the establishment of public private partnerships (PPPs), BOT, lease agreements, and other contractual approaches, with the sole purpose of expanding the seamlessness of the investment environment even further.

ADC owns the ports, airport and strategic parcels of land, as well as the development/management rights for these assets and for key infrastructure and utilities. It strives to develop these assets and optimize private sector participation in their development and management so as to stimulate the economy and promote growth and development of ASEZ and, thus, Jordan.

ADC has launched a number of enabler projects aiming at supporting the business environment in Aqaba. Enabler projects include but are not limited to Aqaba international school, labor housing, Airport development and a produce market. Moreover, ADC has formed a number of public private partnership through BOT or JVs such as Aqaba Container Terminal, Aqaba Air Cargo Terminal, Aqaba Ports Marine Services and Aqaba National Real Estate Project. This has resulted in enhancing services provided and increasing efficiency as well as generating revenue for both ADC and its partners.

Since the launch of ASEZ in 2001, Aqaba has witnessed a considerable increase in its population. Additionally, the value of committed investments in Aqaba has exceeded USD 20 billion mainly in multibillion USD real-estate/ tourism development projects. Such developments include Marsa Zayed, Ayla Oasis, Saraya Aqaba and Tala Bay. Moreover, other major investments include Aqaba International Industrial Estate (AIIE), Aqaba National Real-estate Project (ANREPCO) and other mega projects in the fields of transport, logistics services, education and tourism.